You take a haircut right away on your return, and then you must hope to find something that can generate a better return right after that haircut.

One of the things that is best about Berkshire, is that it is truly one of those businesses people think of first as a buy and hold forever - 70+ businesses in fact. And you don't have to worry about taxes on dividends because we have a management in place that doesn't piss away shareholder value. For all I care they can keep 100 Billion in cash waiting for that elephant. I trust the management can do better with it (and the share price will show that in due time). I just don't need dividend income. I have a job. Berkshire is my investment.

I was very proud to be a shareholder when Buffett told Charlie Rose in an interview I believe earlier this year, or maybe it was last year, that Berkshire is built to last forever after he asked about if he thought Berkshire would be OK after he passed. Forever "should" last long enough for anyone, shouldn't it?